REAL ESTATE developer Century Properties Group, Inc. (CPG) recorded a 12% increase in its third-quarter (Q3) net income to P727.5 million from P647.81 million last year on higher real estate sales.
July-to-September revenue rose by 23.2% to P3.63 billion from P2.95 billion a year ago, CPG said in a stock exchange disclosure on Thursday.
Real estate sales climbed by 29.8% to P3.11 billion from P2.39 billion in 2023.
For the first nine months, CPG grew its attributable net income by 38% to P1.8 billion from P1.3 billion a year ago.
“We attribute CPG’s strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” CPG Chief Financial Officer Ponciano S. Carreon, Jr. said.
Revenue rose by 11% to P10.8 billion driven by sales in the company’s First-Home Residential Development (PHirst) segment, which accounted for 64% or P6.9 billion of total revenues.
The premium residential developments segment accounted for 24% or P2.6 billion, while the commercial leasing and property management segments took up the remaining 13% or P1.4 billion.
Earnings before interest, taxes, depreciation, and amortization increased by 31% to P3.4 billion.
“With a strong nine months performance and expanded range of project pipeline to maintain the growth trajectory, CPG is very confident that it will deliver the same level of value it has started to distribute to its shareholders,” CPG President and Chief Executive Officer Jose Marco R. Antonio said.
On Thursday, CPG stocks dropped by P0.035 or 9.33% to 34 centavos per share. — Revin Mikhael D. Ochave
